₦1.3tn Fraud: Okowa spends second night in EFCC custody

He was subsequently arrested and detained.

Sources revealed that the former governor is also facing accusations of failing to account for another ₦40 billion, which he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.

One of the sources added, “He is accused of not providing a proper account of these funds, as well as the additional ₦40 billion he purportedly used to purchase shares in UTM Floating Liquefied Natural Gas.”

“He is also accused of purchasing ₦40 billion worth of shares in one of the country’s major banks, representing an eight percent equity stake intended for the offshore LNG project. However, it is alleged that these funds were diverted for other purposes.

“Investigators are also probing claims that the former governor used public funds to acquire properties in Abuja and Asaba, Delta State.”

However, a source familiar with the investigation told journalists on Tuesday that the former governor has not yet been released due to the severity and scale of the allegations against him.

The source further revealed that Okowa was confronted with the allegations earlier in the day.

“We are still holding him; he is still in our custody. The investigation is ongoing, and he was confronted with some of the allegations against him earlier.

“We are keeping him due to the gravity of the charges and the large sums involved. We want him to respond to these allegations,” the source stated.

Meanwhile, the Delta State APC Publicity Secretary, Valentine Onojeghuo, in a statement on Tuesday, urged the EFCC to extend its investigation to the financial dealings of other former governors and public officials.

The statement partly read: “We in the APC fully support the arrest of the former governor, who presided over one of the most troubling cases of financial mismanagement during his eight years in office.

“His administration allegedly diverted substantial state resources into personal ventures, including the establishment of a bank, financing a failed presidential bid, and backing the controversial imposition of a successor.

“The arrest sends a strong message to all public officeholders, signaling that the era of impunity is over and that no one, regardless of their position or political affiliation, is above the law.”

The statement further added: “The legacy of Dr. Ifeanyi Okowa’s administration is marked by a crippling debt profile, a result of reckless borrowing that earned him the notorious moniker of ‘Borrow Borrow Governor.’

“During his eight years in office, Delta State has little to show for the significant federal allocations it received. The few roads he built, often touted as part of his ‘roadmaster’ reputation, have already deteriorated.”